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Portland Real Estate Update By Rob Levy

Portland Real Estate Update December '14

November Residential Highlights
The Portland metro area saw
cooler real estate activity this
November, but numbers are still
higher compared to last November.
Closed sales (1,937) fared 6.4%
better than last November’s closings 
(1,821), despite a 22.1% decrease 
from October’s 2,487 closings.
Pending sales, at 2,091, were 14.4%
higher than last November (1,827)
but 15.7% lower than October (2,480).
New listings (1,922) decreased 2.7%
from last November (1,976) and
33.3% from last month (2,881).
There are currently 6,131 active
residential listings in the Portland
metro area. Total market time rose
in November to 69 days. Inventory
slightly rose to 3.2 months.
Year to Date Summary
Activity in the Portland metro
area is ahead of last year. New
listings (36,040) are up 4.5%,
pending sales (26,654) are up 3.8%,
and closed sales (25,392) are up 2.1%
compared to the first eleven months 
of 2013. 
Average and Median Sale Prices
The average price the first eleven
months of the year was $333,200,
up 7.2% from the same time frame
in 2013 when the average was
$310,800. In the same comparison,
the median also rose 7.5% from
$265,000 in the first eleven months
of 2013 to $285,000 in the same
period of 2014.

 

The Portland metro area saw cooler real estate activity this November, but numbers are still higher compared to last November.  Closed sales (1,937) fared 6.4% better than last November’s closings (1,821), despite a 22.1% decrease from October’s 2,487 closings.  Pending sales, at 2,091, were 14.4% higher than last November (1,827) but 15.7% lower than October (2,480).  New listings (1,922) decreased 2.7% from last November (1,976) and 33.3% from last month (2,881).  There are currently 6,131 active residential listings in the Portland metro area. Total market time rose in November to 69 days. Inventory slightly rose to 3.2 months.  

Activity in the Portland metro area is ahead of last year. New listings (36,040) are up 4.5%, pending sales (26,654) are up 3.8%, and closed sales (25,392) are up 2.1% compared to the first eleven months of 2013. The average price the first eleven months of the year was $333,200, up 7.2% from the same time frame in 2013 when the average was $310,800. In the same comparison, the median also rose 7.5% from $265,000 in the first eleven months of 2013 to $285,000 in the same period of 2014.

Our home of the month is a home in Portland Heights with stunning views of downtown, the rivers, mountains and more.  The "deck" photo from this home was recently featured as the cover photo in a real estate magazine.  It previously sold and was on the market for $1,000,000 and is now back on the market (no fault of home) at $899,999 for a quick sale.  Its one of very few homes in the area with stunning views for under a million dollars and is a must see.  You can view it at http://www.roblevy.com/Property/2723-NW-Monte-Vista-Terrace-Portland-Oregon

Over The Top Improvements NOT To Do

This article in CNN Money while talking about over the top improvements in super-luxury homes does shed a little light on our market too.  I have seen many of these features in homes over the years, and recently buyers are paying less and less attention to many of them.  Some of the simpler things seem to be selling well, such as when remodelling your bathroom with a tile floor, heat it! Or when replacing a fridge, put in a french door counter depth one, installing river rock in a shower base is a good one too.  We are also seeing more stained cabinets rather than natural wood, with grey being particuarly popular.  Also with the recent drop in prices of 4k Ultra HD televisions in big sizes, a 60-75" model in the family room really makes for a fun time watching TV.  You can view the entire article here.

Is Student Debt Hurting Housing Recovery?

This is a very interesting article about first time home buyers not being able to buy homes.  As a parent of three who recently graduated college and as I watch them along with their freinds purchase homes, I see this as an issue too.  The article talks about outstanding student debt now at $1.1 trillion, and has a calculator showing how much house one can afford while calculating in student debt load.  You can view the entire article and use the calculator here.